Why are they asking for information that was made public by central banks months ago?
Do they fail to understand what liquidity swaps are, or do they just want to be seen flapping their mouths on C-Span? Don't they have staff that research stuff like that?A full review on New Federal Reserve liquidity swap facilities
|Today, the Federal Reserve, the Banco Central do Brasil, the Banco de Mexico, the Bank of Korea, and the Monetary Authority of Singapore are announcing the establishment of temporary reciprocal currency arrangements (swap lines). These facilities, like those already established with other central banks, are designed to help improve liquidity conditions in global financial markets and to mitigate the spread of difficulties in obtaining U.S. dollar funding in fundamentally sound and well managed economies.The Federal Reserve agreed to provide $30 billion each to the central banks of Brazil, Mexico, South Korea and Singapore, expanding its effort to unfreeze money markets to emerging nations for the first time.
The Fed set up “liquidity swap facilities with the central banks of these four large systemically important economies” effective until April 30, the central bank said yesterday in a statement. The arrangements aim “to mitigate the spread of difficulties in obtaining U.S. dollar funding.”
From the Bank of England, October 2008: News Release
US Dollar Liquidity Operations
From the Swiss National Bank:US dollar liquidity-providing operations of the Swiss National Bank
From the European Central Bank:19 March 2009 - US dollar liquidity-providing operations of the Eurosystem in the second quarter of 2009
From the Bank of Japan October 2008: Further Measures to Improve Liquidity in Short-Term US Dollar Funding Markets